Veterinary medicine market trends, key players, industry dynamics and outlook

1. Veterinary Medicine Market Trends, Key Players, Industry Dynamics and
Outlook
Veterinary Medicine Market Analysis
As per Market Research Future (MRFR), the global veterinary medicine market is estimated
to grow at a CAGR of 8.1% from 2017 to 2023 (forecast period).
Veterinary medicine deals with the prevention, diagnosis, and treatment of diseases,
disorders, and injuries in animals. Veterinary medicine is commonly practiced worldwide
due to the growing number of pet adoptions, rising veterinary expenditure, an increasing
number of veterinary professionals, and a rising demand for pet insurance. In addition,
awareness of animal health, government initiatives, and many NGOs working in the field of
animal health is increasing.
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Veterinary Medicine Market Dynamics
The major factors contributing to the growth of the market for veterinary medicines
include an increase in the prevalence of infectious diseases among animals, an increase in
the preferences of pet and poultry farmers, and the cost-effectiveness of such drugs.
Government steps towards the welfare of domesticated animals and increasing demand for
pet animals are critical drivers in the veterinary medicine market. In addition, a large
number of clinical trials and innovative R&D approaches to advanced drugs are driving the
market growth. However, high costs of animal health care and lack of awareness of animal
health in emerging nations are constraining market growth. Technological advances, such
as an increase in medical applications and healthy quality products, offer a range of
opportunities for business development.
Veterinary Medicine Market Segmentation
The global market for veterinary medicine has been segmented based on products, animals,
route of administration, and end-users.
Based on the products, the global veterinary medicine market has been segmented into
injury medicine, disorder medicine, and diagnosis medicine.
Based on the animals, the global veterinary medicine market has been segmented into
companion and domesticated animals.
Based on the route of administration, the global veterinary medicine market has been
segmented into Parental, oral, and topical.

2. Based on end-users, the global veterinary medicine market has been segmented into
research institutions, veterinary hospitals, veterinary clinics, and others.
Veterinary Medicine Market Regional Analysis
Regionally, the global veterinary medicine market has been segmented into the
Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas dominates the global market for veterinary medicine as it is a well-developed
country and has strong animal welfare policies. The Americas have a considerable market
share due to high expenditure on health care, especially in the United States and Canada.
The high concentration of major veterinary hospitals in the developed countries of the
region, combined with reasonable reimbursement rates, adds fuel to the market’s growth.
The consolidation of major healthcare players in the U.S. also leads to market growth due to
an increase in the purchasing power of healthcare players, which results in economies of
scale.
Europe is the second-largest market globally due to the growth of the healthcare industry
and the penetration of healthcare. European market growth is driven by countries such as
Germany and France. Germany is projected to be the fastest-growing market in the
evaluation period due to its large pharmaceutical industry. Europe’s record for the second-
largest sector is attributed to animal favored government policies, and tax incentives for
pet animals.
The Asia Pacific region is projected to expand rapidly; China and India are likely to lead this
market due to the fast-growing healthcare sector, and significant unmet needs over the
forecast period. Southeast Asian countries such as China, India, and Malaysia are expected
to make a substantial contribution to business growth. The increasing penetration of the
veterinary industry in the Asia Pacific expected to fuel the future market for veterinary
medicine. Growing awareness of private veterinary clinics and animal welfare among
citizens, increasing NGOs working for the welfare of animals and a government campaign
for the welfare of pet animals are driving the growth of the market in this region.
Gulf nations such as the UAE and Saudi Arabia are estimated to be driving the Middle East
& African market. Other Middle East countries to watch out for are Kuwait, Jordan, Egypt,
and Iran. The African region is projected to experience poor growth due to weak economic
and political conditions and inadequate health care development. Other regions are
expected to be lagging due to poor social development and tribal identities, such as sub-
Saharan Africa. In the Middle East and Africa, lack of awareness and not much development
in animal welfare has resulted in limited growth in the region.
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Veterinary Medicine Market Key Players

3. Zoetis, Inc. (Pfizer), Bayer Healthcare AG, Ceva Santé Animale, Merck & Co., Inc. (Intervet),
Vetoquinol SA, Boehringer Ingelheim GmbH, Eli Lilly and Company (Elanco/Novartis),
Nutreco N.V. and Sanofi S.A. (MERIAL Limited), Virbac S.A. Leading animal feed additive
manufacturers are ADM Alliance Nutrition, Koninklijke DSM N.V and Evonik Industries AG,
and Cargill Inc. (Provimi).
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